Phil King’s Regal Partners has defied a wave of fund outflows sweeping equities investment houses to top $18 billion under management, more than triple what the ASX-listed firm’s portfolio held just two years ago.

That same period has been a difficult one for some of Regal’s biggest rivals, including Magellan Financial, which reported on Wednesday that funds under management had shrunk $400 million in December to $38.6 billion.